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Tax Planning

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2012 Taxpayer Relief Act For Business & Investments

After weeks of negotiation, Congress has passed the American Taxpayer Relief Act to avert the tax side of the “Fiscal Cliff” and bring some certainty to the Tax Code. Almost all taxpayers are affected by the numerous extensions and modifications. Many popular but temporary tax extenders relating to businesses are included in the American Taxpayer Relief Act. Among them is Code Sec. 179 small business expensing, bonus depreciation, the research tax credit, and the Work Opportunity Tax Credit. This letter provides some highlights of the American Taxpayer Relief Act as it applies to investments and business taxpayers.

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2012 Taxpayer Relief Act For Individuals

Fiscal Cliff Averted, Tax Payer Relief Act

After much debate and anticipation, Congress has passed the American Taxpayer Relief Act of 2012 which averts the tax side of the fiscal cliff, provides numerous extenders and avoids the automatic sunset provisions that were scheduled to take effect after 2012 under the “Bush-era” tax cuts in the Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA) and the Jobs and Growth Tax Relief Reconciliation Act of 2003 (JGTRRA).

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2012 Year End Tax Planning for Individuals

Individual Tax Planning in 2012 & 2013

Year-end tax planning is always complicated by the uncertainty that the following year may bring. Even with the election behind us, 2012 is one of the most challenging in recent memory for year-end tax planning. A combination of events – including possible expiration of some or all of the “Bush-era” tax cuts after 2012, the imposition of new so-called Medicare taxes on investment and wages, doubts about renewal of tax extenders, and the threat of massive across-the-board federal spending cuts – have many taxpayers asking how can they prepare for 2013 and beyond, and what to do before then. The short answer is to quickly become familiar with expiring tax incentives and what may replace them after 2012 and to plan accordingly.

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2012 Year-End Tax Planning for Businesses

As 2012 comes to a close, get ready for more sweeping tax changes that will affect your business. In 2010, Congress extended many business incentives for one or two years. These incentives are about to expire. In addition, many of the “Bush-era” tax cuts are scheduled to sunset at the end of 2012. It is unclear if Congress will provide further extensions as they debate across-the-board spending cuts scheduled to take effect in 2013. In addition, businesses must prepare to comply with new healthcare reform, and new exacting repair regulations. This combination of events provides tax planning considerations unique to 2012 that requires a multi-year strategy taking into account a variety of scenarios and outcomes.

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2013 Year-End Tax Planning for Individuals

Early in 2013, the 2012 Taxpayer Relief Act was enacted and the “Bush-era” tax cuts, which were scheduled to sunset at the end of 2012, were permanently extended and modified. This legislation is significant because without its enactment, individual tax rates on all income groups would have increased, taxpayer-friendly treatment of capital gains and dividends would have disappeared, and many other popular but temporary incentives would no longer be available.

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Federal Tax Preparation & Planning

"If I had six hours to chop down a tree, I'd spend the first hour sharpening the ax."
- Abraham Lincoln

Being prepared for an upcoming tax deadline is relieving, saving you time and money. Additionally, with our premier Tax Preparation & Planning you can intelligently position your assets so you can maximize growth and minimize expense. We've been providing these services for over 35 years to businesses, individuals, and other CPAs who depend on our experience, knowledge, and contacts.

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How to Maximize Tax Deductions for 2015

Successful tax planning includes a review of your available deductions and the impact of your filing status on your option to itemize. It is important that all of the technical requirements for your deductions are met. In addition, certain items are deductible only to the extent they exceed a percentage threshold. By reducing your adjusted gross income, you increase the amount of itemized deductions you can claim, because the floor limitation amounts are reduced accordingly.

A strategy commonly used in year-end individual tax planning is to determine the best timing for claiming itemized deductions. Generally, it is beneficial for taxpayers to defer income and accelerate expenses. This strategy may enable you to itemize your deductions if you claimed the standard deduction in the past.

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Preparing for Health Care Reform

Health Care Reform - What it Means for Business and Individuals

On June 28, 2012, the U.S. Supreme Court upheld the constitutionality of the Patient Protection and Affordable Care Act (PPACA), and its companion law, the Health Care and Education Reconciliation Act of 2010. As part of its primary purpose to facilitate health care reform, the PPACA includes key tax provisions that affect individuals and businesses. Now that the Supreme Court has ruled, all must prepare to comply with the requirements under PPACA. Some requirements are already in effect, while other provisions apply starting in 2013 or later. As your CPA firm, we are here to help you plan for the future.

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Proposed Regulations on Net Investment Income Tax and Additional Medicare Tax

The IRS has issued long-awaited and much needed proposed reliance regulations on the operation of the two new surtaxes imposed under the 2010 healthcare legislation: the 3.8 percent Net Investment Income Tax (NIIT), and the 0.9 percent Additional Medicare Tax. Both surtaxes are scheduled to come into full effect on January 1, 2013. The proposed reliance regulations and the frequently asked questions on the IRS website attempt to address many of the gaps in the application of these surtaxes that have been questioned by tax professionals, employers, and taxpayers. The guidance on each of these surtaxes is extensive and is immediately critical for affected taxpayers.

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